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Only David Blanchflower, who has consistently voted for a reduction when his peers have voted to maintain, argued to decrease the rate by 25 basis points.

The minutes stated that, for most members, a reduction in the base rate would make it more difficult to keep inflation expectations in line with the target and the committee expected prices to increase more in the near term.

The MPC minutes said: "Although economic activity was likely to slow, the committee had judged that some slowing in the growth rate of output was likely to be necessary for inflation to settle close to the target around two years ahead.

"A further reduction in Bank Rate this month could create the impression that the committee was trying to stabilise output growth rather than maintaining its focus on the inflation target."

Colin Parkin, director of Lincoln-based IFA Ample Financial Services, said: "The Bank of England will come under pressure from the governement to reduce next month.

"Inflation is going up but when you look at the cost of groceries in your basket the true cost of inflation is 9 per cent."